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Best High Yield Accounts

If you’re not investing your money, then high yield accounts are the nest option to look at. You want your money to grow and earn the best rate possible. Most financial planners recommend storing money for emergencies and short-term goals in high-yield savings accounts. There’s zero risk of losing money as far as the accounts are FDIC insured and it’s easily accessible. Just keep in mind that interest rates are not fixed forever. They’re subject to change at any time, depending on the government’s interest-rate benchmark. So it’s a good idea to continuously check your accounts and the interest rate you are earning. Sometimes when rates are going up, some banks will not automatically increase rates for current customers. You might need to call in and ask for it. Plus it’s a good idea to check this list to see if you can do better at another bank.

Besides the interest rate, there’s other options to consider for each bank. Here’s some things to keep in mind when looking for the best high-yield account for yourself:

Make sure it’s FDIC insured

Customer Service

Monthly fees

Number of free withdrawals, which is usually limited to 6 per month

Minimum opening deposit requirement

Mobile check deposits

Website and app design

If you prefer physical branches, make sure they have one in your area.

Best High Yield Accounts

Here’s the list of the best interest rates available for savings accounts that don’t really have many requirements to get the rate. There’s often better rates out there, with a cap on deposits and monthly requirements such as purchases or direct deposits. That could work better for those who don’t have huge amounts to deposit and don’t mind doing the work.